• Sprott Money
    05/05/2016 - 06:02
    Why is a Deutsche Bank mouthpiece suggesting “negative retail deposit rates or perhaps wealth taxes”? The answer is to (supposedly) stimulate our economies.

Argentine Banking System Archives Destroyed By Deadly Fire

Tyler Durden's picture


While we are sure it is a very sad coincidence, on the day when Argentina decrees limits on the FX positions banks can hold and the Argentine Central Bank's reserves accounting is questioned publically, a massive fire - killing 9 people - has destroyed a warehouse archiving banking system documents. As The Washington Post reports, the fire at the Iron Mountain warehouse (which purportedly had multiple protections against fire, including advanced systems that can detect and quench flames without damaging important documents) took hours to control and the sprawling building appeared to be ruined. The cause of the fire wasn’t immediately clear - though we suggest smelling Fernandez' hands...



We noted yesterday that there are major questions over Argentina's reserve honesty...

While first print is preliminary and subject to revision, the size of recent discrepancies have no precedent. This suggest that the government may be attempting to manage expectations by temporarily fudging the "estimate " of reserve numbers (first print) while not compromising "actual" final reported numbers. If this is so, it is a dangerous game to play and one likely to back-fire.


During a balance of payments crisis - as Argentina is undergoing - such manipulation of official statistics (and one so critical for market sentiment) is detrimental to the needed confidence building around the transition in the FX regime.

And today the government decrees limits on FX holdings for the banks...

Argentina’s central bank published resolution late yday on website limiting fx position for banks to 30% of assets.


Banks will have to limit fx futures contracts to 10% of assets: resolution


Banks must comply with resolution by April 30

And then this happens...

Via WaPo,

Nine first-responders were killed, seven others injured and two were missing as they battled a fire of unknown origin that destroyed an archive of bank documents in Argentina’s capital on Wednesday.


The fire at the Iron Mountain warehouse took hours to control...


The destroyed archives included documents stored for Argentina’s banking industry, said Buenos Aires security minister Guillermo Montenegro.


The cause of the fire wasn’t immediately clear.


Boston-based Iron Mountain manages, stores and protects information for more than 156,000 companies and organizations in 36 countries. Its Argentina subsidiary advertises that its facilities have multiple protections against fire, including advanced systems that can detect and quench flames without damaging important documents.




“There are cameras in the area, and these videos will be added to the judicial investigation, to clear up the motive of the fire and collapse,” Montenegro told the Diarios y Noticias agency.

Your rating: None

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Wed, 02/05/2014 - 14:58 | 4404726 walküre
walküre's picture

That's how its done. That's how they roll over there.

Bankers, pay attention. Banker's residences go up in flames next.

Wed, 02/05/2014 - 15:01 | 4404744 redpill
redpill's picture

Socialists are never very imaginative are they

Wed, 02/05/2014 - 15:03 | 4404767 THX 1178
THX 1178's picture

Was Tyler being sarcastic about that first line? I beleive so???

Wed, 02/05/2014 - 15:05 | 4404773 Gief Gold Plox
Gief Gold Plox's picture

Noobs! Don't they know you tweak banking systems only on Friday evenings?

Wed, 02/05/2014 - 15:08 | 4404789 SMG
SMG's picture

"a very sad coincidence"


Wed, 02/05/2014 - 15:12 | 4404807 Temporalist
Temporalist's picture

These are clearly acts of god and he must hate those pieces of paper.

Trillions of Dollars of Securities May Have Been Destroyed by Hurricane Sandy


Wed, 02/05/2014 - 15:12 | 4404819 FEDbuster
FEDbuster's picture

Reminds me of the boating accident I had with all my guns and bullion on board.....

Wed, 02/05/2014 - 15:22 | 4404864 eclectic syncretist
eclectic syncretist's picture

Are any of the nine dead bankers?  Don't count them at the trial.  They're not human.

Wed, 02/05/2014 - 15:25 | 4404875 J S Bach
J S Bach's picture

Kinda like World Trade Center 7's controlled demolition collapse where all those trillions of dollars in un-accounted-for pentagon spending documents went "poof".


Very sad and - I'm sure - innocent coincidence.


Wed, 02/05/2014 - 15:35 | 4404909 ACP
ACP's picture

Loca chinga Christina!

Wed, 02/05/2014 - 15:46 | 4404989 Boris Alatovkrap
Boris Alatovkrap's picture

Do not cry for me!

Wed, 02/05/2014 - 15:56 | 4405047 palmereldritch
palmereldritch's picture

Is torch song?

Wed, 02/05/2014 - 16:01 | 4405094 TruthInSunshine
TruthInSunshine's picture

It was either going to be fire or hijacked airliners.

Wed, 02/05/2014 - 16:25 | 4405227 HardlyZero
HardlyZero's picture

Argentine Bank Holiday over the weekend ?

New template ?

(RIP first responders, sad reason to put life on the line)

Wed, 02/05/2014 - 16:59 | 4405405 Yes We Can. But...
Yes We Can. But Lets Not.'s picture

Iron Mountain is redundant.

Banking records, like all records, are now permanently stored in Utah.

Thu, 02/06/2014 - 01:59 | 4405443 Thought Processor
Thought Processor's picture

Maybe why the NSA is getting so much heat these days.   They have too much power, so much so that they could single handedly expose everything that is going on.   Hence the manufactured heat from virtually all other sides.  

ONI was invoved in a large and growing investigation on finance related corruption and more at the time of 9/11.

Now guess who's office was hit in the Pentagon (Navy ONI office).  

And then guess where the back up files were located (DOD office in WT7).

(Edit- added) In addition, the floors hit in both towers were almost exactly where the two major trading firms being investigated were housed.


All documented.  It was simple destruction of evidence.

And why Saudi hijackers?  The Saud's and the US (mostly thru the CIA) have been working together closely since their future's were glued together when the petro-dollar was created.

Thu, 02/06/2014 - 02:17 | 4407011 Gankfest
Gankfest's picture

Building 9 will not be forgotten.

Thu, 02/06/2014 - 03:04 | 4407056 old naughty
old naughty's picture

Convenient act !

Thu, 02/06/2014 - 08:24 | 4407208 GetZeeGold
GetZeeGold's picture





Banker's residences go up in flames next.


You must mean......again.


RIP Edmond Safra....yes the billionaire did have bodyguards....thanks for asking.



Please review this instuctional video before trying this on your own.



Thu, 02/06/2014 - 07:06 | 4407200 commoncourtesy
commoncourtesy's picture

Hope there is no paperwork at Yellowstone National Park - http://www.turnerradionetwork.com/news/263-pat

A Terrorist Attack appears to have been attempted for several hours yesterday-into-today, against Yellowstone National Park.

Apologies. Reprimand understood - must always include source of info. Will remember in future.




Thu, 02/06/2014 - 08:57 | 4407305 disabledvet
disabledvet's picture

no plan survives the first point of contact.

all these "documents" exist in cyberspace.

now you're creating data points.

this "conspriracy" makes no sense.

Thu, 02/06/2014 - 14:59 | 4408550 Deliverator
Deliverator's picture

no plan survives the first point of contact.

all these "documents" exist in cyberspace.

now you're creating data points.

this "conspriracy" makes no sense.

The 'documents' in cyberspace can be easily altered, timestamps included. And with no hardcopy to check them against, they must be taken at face value... or rather, they will now be used with the expectation they will be taken at face value.


Wed, 02/05/2014 - 22:04 | 4406519 Stuck on Zero
Stuck on Zero's picture

Maybe the IT guy goofed up and ordered "accelerant" instead of an "accelerator."


Wed, 02/05/2014 - 22:34 | 4406609 BLOTTO
BLOTTO's picture

Someone(s) did indeed fan the fire faster...

Thu, 02/06/2014 - 00:01 | 4406817 0b1knob
0b1knob's picture

Ever read the book  "Report from Iron Mountain"?   


Hoax or real government plan?  Read it online here:



Thu, 02/06/2014 - 01:05 | 4406946 prains
prains's picture

funny how an analog fire can ruin a digital world or did i miss something?

Thu, 02/06/2014 - 02:11 | 4407009 Zero Point
Zero Point's picture

Don't tell fonestar that.

Wed, 02/05/2014 - 20:44 | 4406257 ebworthen
ebworthen's picture

Where's Madonna when you need her?

Evita?  Donde esta?

Thu, 02/06/2014 - 01:17 | 4406964 jeff montanye
jeff montanye's picture

while one is crying for argentina, spare a tear for london and new jersey:

"If the cause is found to be arson, it wouldn’t be the first time for Boston-based Iron Mountain Inc., which manages, stores and protects information for more than 156,000 companies and organizations in 36 countries. Fire investigators blamed arson for blazes that destroyed its warehouses in New Jersey in 1997 and London in 2006, prompting rounds of legal claims over lost records."

(from the washington post c/o jesse)

Thu, 02/06/2014 - 09:13 | 4407339 TrumpXVI
TrumpXVI's picture

"No llora para me, Argentina, la, la,la,la, la, la, la, la, la...."

Wed, 02/05/2014 - 16:07 | 4405039 Pegasus Muse
Pegasus Muse's picture

Poor Christina and her besieged government. Surely, they'd never consider doing anything like burning down a building in order to destroy official documents. Where would she ever get an idea like that? Sounds like one of those conspiracy theory tin-foil hat wearers forget to take his meds ... /sarc

"The only time I commit to conspiracy theories is when something way retarded happens. Like Lee Harvey Oswald acting alone." –Joe Rogan

"Or like 19 radical muslims armed with box cutters and zero ability to fly a commercial airliner managed to bring down three buildings with two planes in New York City"http://www.youtube.com/watch?v=aVDig3Fu8WU

Wed, 02/05/2014 - 20:17 | 4406165 Xibalba
Xibalba's picture

Looks like it's their 9/11

Wed, 02/05/2014 - 21:10 | 4406351 disabledvet
Wed, 02/05/2014 - 22:08 | 4406539 wee-weed up
wee-weed up's picture

How does one say Reichstag in Argentinian Spanish?

Thu, 02/06/2014 - 01:38 | 4406978 Tall Tom
Tall Tom's picture

I believe that the proper translation is, "Argentina Banco Central". Yes. That must be it.


Yes. Typing it into Google Translate and it returns this. Boy those guys are just on top of their game over at Google.

Thu, 02/06/2014 - 04:17 | 4407118 sadmamapatriot
sadmamapatriot's picture

Christina is a naughty, naughty girl!

Wed, 02/05/2014 - 22:03 | 4406521 Raging Debate
Raging Debate's picture

Brilliant Bach - I was about to comment the same but add something about Sandy Burger getting caught literally with classified documents in his pants.
Whether this .gov did 911 as an inside job or not I always felt this way:
Why the fuck are you taxing me up the ass for a massive intelligence and defense department when a bunch of ragheads with boxcutters can bring our entire country to its knees? I think we will eventually know the truth but those responsible by either direct treason or malfeasance will be dead by then. Similar to our government funding Hitler or JFK assassination.

Wed, 02/05/2014 - 22:48 | 4406657 Tall Tom
Tall Tom's picture

Kinda like World Trade Center 7's controlled demolition collapse where all those trillions of dollars in un-accounted-for pentagon spending documents went "poof".


Not exactly. The Pentagon is where those documents were burned up. Right where the missile...ooops...er...plane hit.


The Enron Price Fixing papers, the Gold AntiTrust papers, the Citigroup/WorldCom fraud papers, and a whole lot of other sordid scandals and fraud were stored at WTC #7.


Yes. This is the methodology of Socialist Governments. We just torch ours with Aircraft and Human Sacrifices to Baal and Baphomet.


Hope that clarifies it.

Wed, 02/05/2014 - 15:26 | 4404881 I Am Not a Copp...
I Am Not a Copper Top's picture

No - all Firefighters.  Damn shame.

Wed, 02/05/2014 - 15:35 | 4404921 walküre
walküre's picture

They died and risked their lives in an attempt to save fucking documents that sealed the nation's fate as an eternal debt slave to the IMF, World Bank, Rothschilds, Goldmans, JPMs, Douche Bank and so on?

How fucked up is that?

Wed, 02/05/2014 - 15:41 | 4404956 Occident Mortal
Occident Mortal's picture


Nine guys not going home tonight.

Wed, 02/05/2014 - 16:17 | 4405175 TruthInSunshine
TruthInSunshine's picture

"They died and risked their lives in an attempt to save fucking documents that sealed the nation's fate as an eternal debt slave to the IMF, World Bank, Rothschilds, Goldmans, JPMs, Douche Bank and so on?

How fucked up is that?"

-- As was told to Jason Bourne in the Bourne Identity, and repeated by Jason Bourne in sequel that was The Bourne Supremacy, "[L]ook at what they make you give."

Wed, 02/05/2014 - 16:34 | 4405287 LawsofPhysics
LawsofPhysics's picture

Fucked up?  More like completely predictable. The evidence is now destroyed.

Wed, 02/05/2014 - 16:48 | 4405356 HardlyZero
HardlyZero's picture

What evidence ?   What Gold ?  There was a reason many banksters move to Argentina...they have a pro-Mafia or pro-Crime culture (many are ex-European too).

Wed, 02/05/2014 - 17:03 | 4405425 walküre
walküre's picture

Essentially all recent wars have been fought over some sort of paper that sealed the nation's fate. It was typically debt paper and well coordinated international treaties and pacts to ensure all nations would be drawn into conflict. Millions upon millions died

Bankers are richer than ever. Rothschild is bigger than ever.

The House of Rothschild needs to die and be eliminated. Nobody will fill that void again, ever. Case of fractional reserve lending plague almost closed.

Wed, 02/05/2014 - 18:09 | 4405698 CH1
CH1's picture

Too bad there isn't some new way to work entirely aorund them.

Oh wait.. THERE IS!

Too bad that the fake free marketers want to kill it!

Wed, 02/05/2014 - 22:33 | 4406598 Raging Debate
Raging Debate's picture

Walkure - I have always enjoyed your commentary. Justice will be served, I know there fate. What happens to them will be a complete surprise and is science based. I do pray for them to fund beneficial ventures but the odds are against it. They view themselves as gods. Where are the Pharaohs who had advanced mathematical knowledge now? Or the Caesars?

The good news is as a species we will endure and indeed understand our original form - energy - to the point of evolving into something far more interesting. Conquest of natural resources will become completely irrelevant.

However, the struggle for balance will continue a bit even after the Rothchild's. Peace to all of you! Those who live by the sword will die by it in the next decade. Show leadership and look after others. Above all hedge as best you can against multiplying danger and risk. Keep your eye simple, try and get outside more often, read scientific publications to see we are likely less then a century or two from immortality rather then succumb to fear. Mankind's long term future is bright despite this new cycle of temporary darkness.

Thu, 02/06/2014 - 00:50 | 4406916 walküre
walküre's picture

True words and peace to you. We see things in the same light. Among the like minded spirits here, we can speak plain truth and verbally clear our hearts. Unmitigated anger and rage are a threat to sane judgement and reason! The line of argument is becomng more and more refined. The facts are what they are and we do have a case against them! Mankind's progression as a species and cilivization are impossible under the joke of this parasitic cabal.

Thu, 02/06/2014 - 09:42 | 4407448 Raging Debate
Raging Debate's picture

Thank you for the compliment Walkure. Evolution just IS and if one wishes to have satisfaction in this world it requires looking the the mirror daily to develop maturity.

Taking a big step back I can say I am proud of the restraint shown by the people to evolve past bad systems in monetary matters in an attempt to compete (such a Bitcoin) fairly rather then use violence.

I may not win a popularity contest for saying this here but reaching out to leadership to help them communicate with the people in a neutral setting is important. I will report a couple retired CB's contacted me when they saw this attempt online. When I launched this social network concept aimilar to ZH but far more robust and inclusive in feature and intent, they called me. I am stating I guess that we tend to paint too broad a brush at times. Note how banking is investing in a Bitcoin.

They are doing it belatedly and certainly they have the power of entire empire to crush the competition rather than fund it. That is vision and a more positive reaction then in days past. Sure their intent is to control it and eventually some group will corrupt it but the current evolvement is a positive going forward the next few decades. To improve capitalism, banking must become far more utilitarian.

I look at economic models and believe they should change with the times. Laissez Faire has run its course over 40 years. The main arguments come into play with those that do not recognize its time for Austrian economics the next twenty years and returning to a virtuous cycle of save and invest. The term short term pain for long term gain seems to have gotten lost somewhere along the line. "Perpetual Growth" can never be sustained but we ALL want it to and hence irrationality and disconnect in behavior by leadership that is more insulated from change the you or I.

Mankind can exchange information on the Internet to create endless solutions rapidly. I condemn Alan Greenspan not merely because of hubris but because of the symptom of closed mindedness it creates. He stated clearly in 2004 that monetary matters were not open for debate by CB. That attitude is what "we" both leader and non must get beyond, the rest of cleaning up this disaster is semantics.

Wed, 02/05/2014 - 17:53 | 4405654 Steaming_Wookie_Doo
Steaming_Wookie_Doo's picture

"There are cameras in the area, and these videos will be added to the judicial investigation, to clear up the motive of the fire and collapse"

Wanna bet there's another fire in the bldg holding the video?

Do NOT follow this link or you will be banned from the site!